8月28日，国家医保局正式公布通过2025年医保及商保创新药目录调整初步形式审查药品名单。 与8月12日公布的版本相比，6个药品形式审查结果发生变化，其中注射用利培酮微球、注射用双羟萘酸曲普瑞林调整为不通过；左旋多巴注射液、葡萄 糖酸钙氯化钠注射液调整为通过；另外，熊去氧胆酸口服混悬液仍为通过，但"通过申报条件"有所调整。 最终，2025年目录调整申报阶段国家医保局共收到基本医保目录申报信息718份，涉及药品通用名633个，535个通过形式审查，其中目录外311个、目录 内224个。 梳理近几年的形式审查情况可以发现，今年无论是通过数量还是通过率均有所增加。其中，2023年和2024年涉及药品通用名变化不大，但通过率有显著 提升；今年涉及通用名大幅增加，超600个，通过率也已达到84.52%。这为更多药品纳入基本医保目录奠定了前提。 | 近三年基本医保目录初审通过情况 | | | | | --- | --- | --- | --- | | 2023年 | | 2024年 | 2025年 | | 申报信息(份) | 629 | 626 | 718 | | 涉及通用名(个) | 570 | 574 | 633 | ...

21世纪经济报道记者 闫硕 8月28日，国家医保局正式公布通过2025年医保及商保创新药目录调整初步形式审查药品名单。 与8月12日公布的版本相比，6个药品形式审查结果发生变化，其中注射用利培酮微球、注射用双羟萘酸曲普瑞林调整为不通过；左旋多巴注射液、葡萄 糖酸钙氯化钠注射液调整为通过；另外，熊去氧胆酸口服混悬液仍为通过，但"通过申报条件"有所调整。 最终，2025年目录调整申报阶段国家医保局共收到基本医保目录申报信息718份，涉及药品通用名633个，535个通过形式审查，其中目录外311个、目录 内224个。 梳理近几年的形式审查情况可以发现，今年无论是通过数量还是通过率均有所增加。其中，2023年和2024年涉及药品通用名变化不大，但通过率有显著 提升；今年涉及通用名大幅增加，超600个，通过率也已达到84.52%。这为更多药品纳入基本医保目录奠定了前提。 | 近三年基本医保目录初审通过情况 | | | | | --- | --- | --- | --- | | 2023年 | | 2024年 | 2025年 | | 申报信息(份) | 629 | 626 | 718 | | 涉及通用名(个) | 570 ...

Investment Rating - The report does not provide a specific investment rating for the company Core Insights - The company has received approval for its first generic injectable risperidone microsphere, marking a significant breakthrough in high-end formulations. This product is the first of its kind in China and is expected to enhance the company's market position [1][11][16] - The company is advancing multiple high-end formulations, including paclitaxel (albumin-bound) and leuprolide microspheres, with significant market potential. The injectable leuprolide microsphere market in China was valued at RMB 5.1 billion in 2023, while the paclitaxel (albumin-bound) market reached nearly RMB 3 billion [1][19][27] - The company has a strong pipeline of products, with several formulations in various stages of development, indicating a robust growth trajectory in the high-end drug formulation sector [3][29][34] Summary by Sections Product Approvals and Developments - The company announced the approval of injectable risperidone microspheres on February 26, 2025, which is a significant addition to its high-end complex formulations [1][11] - The injectable paclitaxel (albumin-bound) has received acceptance for its market application, and the leuprolide microsphere has passed bioequivalence trials, indicating progress in the company's product pipeline [1][19][26] Financial Performance - The company's main revenue has shown significant growth, with a 113.37% increase in 2023, reaching RMB 460.8 million, although operating losses have continued to widen [4][10] - The company is expected to generate revenue from its newly approved products starting in late 2024, which could positively impact its financial performance [2][29] Market Position and Competitive Advantage - The company has established a competitive edge in the high-end formulation market due to its ability to produce large batches, which translates to cost advantages and increased market share potential [2][29] - The injectable risperidone microsphere is the only product in its category that has passed consistency evaluation and achieved first-generic status, highlighting the company's strong R&D capabilities [16][18] Future Outlook - The company is well-positioned for future growth with a diverse product pipeline and a focus on high-end formulations, which are expected to fill market gaps and drive revenue growth [34][36] - The anticipated market expansion for injectable risperidone microspheres and other formulations suggests a promising outlook for the company's profitability and market presence [18][27]